RenaissanceRe Notes Resignation of Cash; Reportedly Refused Subpoena

The Insurance JournalJune 11, 2005

Bermuda-based RenaissanceRe Holdings Ltd. has received and accepted the resignation of Michael Cash, senior vice president - Specialty Reinsurance.

The resignation follows the reported refusal of Cash, who is a Bermudian citizen, voluntarily to accept service of a subpoena from the Securities and Exchange Commission calling for his testimony in its investigation into the restatement of the company's financial statements.

As previously announced, the company is reportedly cooperating with the government authorities in their investigations, and Cash's action was inconsistent with that policy of cooperation. The company also announced that Neill Currie will assume responsibilities for managing the company's Specialty Reinsurance business, in addition to his existing responsibilities for marketing and client relations.

Currie, who recently rejoined the company as an executive vice president, was a co-founder of the company in 1993. Currie has more than 25 years of experience in the reinsurance business, including service prior to joining RenaissanceRe as CEO of G.J. Sullivan Co.-Atlanta, a private domestic reinsurance broker, and as senior vice president at R/I and G.L. Hodson, predecessors to Willis Group Holdings Ltd.